Market Dynamics: What's Driving the Electric Enclosure Market to 7.91 Billion USD?
According to a recent MarketsandMarketsTM market research analysis, the worldwide Electric Enclosure Market is expected to grow significantly. With a compound annual growth rate (CAGR) of 6.27%, the market is expected to rise from its 2018 valuation of USD 6.15 billion to USD 7.91 billion by 2023. Mounting type, form factor, material, and industrial verticals like power generation, oil & gas, metals & mining, medical, pulp & paper, food & beverage, and transportation are some of the variables that are credited with this increase. These results demonstrate the market's promise and importance across several industrial sectors in the upcoming years.
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A number of significant variables are anticipated to propel the expansion of the electric enclosure market. The requirement to protect and house electrical components is crucial in the renewable energy sector, which is one major driver of the growing demand for enclosures. Strict safety and process requirements are also driving consumers to look for enclosures that comply with these requirements, highlighting how crucial compliance and safety are across a range of industries. The market is expanding as a result of the growing emphasis on connected cities in emerging nations, since these programmes need for safe and dependable electrical enclosures to support their connection and infrastructure requirements. Taken together, these elements highlight the market's optimistic future and its applicability in meeting changing industrial demands.
The power generation & distribution industry is expected to lead the electric enclosure market between 2017 and 2023
From 2017 to 2023, the power generation and distribution industry is anticipated to lead the electric enclosure market. This dominance is explained by the vital role electric enclosures play in protecting vital electronics and equipment in this sector of the economy. Particularly in energy-generating plants, these enclosures are made to withstand harsh climatic conditions, guaranteeing the safety of electronic equipment and end users alike. Electric enclosures are also essential for shielding circuitry in power transmission and distribution applications from outside damage. Throughout the projection period, the Asia-Pacific (APAC) region is anticipated to drive demand for electric enclosures in the power generation and distribution segment, highlighting the region's critical significance in this market sector.
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The market for underground electric enclosures is expected to grow at the highest CAGR between 2018 and 2023
Out of all the mounting kinds, the market for underground electric enclosures is predicted to expand at the fastest compound annual growth rate (CAGR) from 2018 to 2023. The main reasons for this increase are the benefits of subterranean enclosures, which include low maintenance costs and growing use in the power transmission industry, especially for subterranean electrical line wiring. Subterranean electric enclosures are a popular option due to their affordability and appropriateness, which has fueled their rapid industrial expansion and highlighted their importance in supporting power transmission networks.
APAC expected to lead the electric enclosure market between 2018 and 2023
Between 2018 and 2023, the Asia-Pacific (APAC) region is projected to lead the electric enclosure market. The region's highest market share is credited with this leadership position, which is mostly due to the rising demand for energy and power in both the residential and commercial sectors. Due to the region's increasing urbanisation and population expansion, APAC has experienced substantial growth in energy consumption, which highlights its critical position in the electric enclosure market. During the projection period, APAC is expected to be a major market for electric enclosures due to the tight correlation between the important requirements of guaranteeing the safety and dependability of electrical equipment and the demand for these enclosures.
Rittal (Germany), Schneider (France), Pentair (UK), Emerson (US), Eaton (US), ABB (Switzerland), Hammond (Canada), and AZZ (US) are the major industry players in the electric enclosure market.
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